On petrol and diesel, a big announcement has been made by the government once. Now, a major relief in excise duty on the export of petroleum products has been announced. The Finance Ministry has amended the order passed on June 30 to relax the excise duty on the export of petrol and diesel. A report from the Finance Ministry said that excise duty on petrol will now be completely abolished.
Earlier, excise duty on petrol was Rs 5, but it has been announced to end. In addition, excise duty on diesel has been reduced from Rs 12 to Rs 10. The Finance Ministry has also reduced excise duty on Aviation Turbine Fuel (ATF) from Rs 6 to Rs 4. Excise duty on crude oil has been reduced from Rs.23,250 per kg to Rs.17,000 per kg.
Additional Excise Duty of Re 1 also abolished:- According to the information given by the Ministry of Finance, the additional excise duty of Re 1 levied on petrol and diesel will also not be charged anymore. No excise duty will be levied on petrol and diesel from the Special Economic Zone (SEZ).
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